India’s digital public infrastructure appreciated by global banking body

India’s digital public infrastructure appreciated by global banking body

Recently Bank for International Settlement (BIS) has endorsed India’s Data Empowerment and Protection Architecture (DEPA).

  • DEPA is a joint public-private effort for a better data governance approach. It creates a digital framework. This framework allows users to share their data on their own terms through third party entities such as consent managers.
  • The first use of DEPA has been in the financial sector. It contributes to greater inclusion and economic growth.
  • It is being tested in the health sector as well as in other areas.
  • DEPA India forms the last layer of the stack.
  • India Stack is a set of Application Programming Interfaces (APIs). It allows governments, businesses, startups and developers to access a specialized digital infrastructure. It is targeted at non-attendance and paperless and cashless service delivery.

Importance of DEPA

  • It helps people to have seamless and secure access to their data. In addition, it also gives the right to share it with third party institutions.
  • This includes private ‘consent manager’ institutions. They ensure that individuals can securely provide consent for shared data and protect data rights.
  • It enables small businesses to easily access affordable loans, insurance and better financial management products.
  • This reduces transaction costs and increases competition.

About Bank for International Settlement (BIS)

  • BIS was established in the year It is owned by 63 central banks. Reserve Bank of India is also a member of it. It’s headquarter is in Basel, Switzerland.
  • The function of the BIS is to assist central banks in achieving monetary and financial stability through international cooperation. It acts as a bank for the central banks.

Source – The Hindu

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